2010 Annual Report - Responsive to Change
(Revised August 22, 2011)
May 27, 2011, Edmonton - More online services for members, high client-satisfaction levels, and projects designed to simplify business operations mark some of the highlights of Alberta Pensions Services Corporation's (APS) 2010 annual report.
"Quality service delivery remains our focus," says President and CEO Monica Norminton. "At the same time, we need to be responsive to changes in our pension environment to meet the future needs of our clients."
In response to increasing demand, APS offered more online services to members in 2010. Close to 33,000 members updated their beneficiary information after the service was offered on mypensionplan. This secure website also gave members an opportunity to go green and receive e-mail notifications when Member Annual Statements are available to view online.
Client satisfaction survey results exceeded targets on all fronts. Members report 84 per cent satisfaction, surpassing APS' target of 81. Satisfaction rates for members in transition, or members approaching retirement, are even higher at 87 per cent—six points above target. This was also the first year pensioners were surveyed, which resulted in reports of high levels of satisfaction at 91 per cent.
The Corporation embarked on three multi-year initiatives designed to simplify operations. Business Process Simplification, Pension Policy Simplification, and Next Generation Application Implementation—a project that will result in an upgrade and unification of a number of systems APS uses to deliver pensions services.
"Complexity impacts our ability to deliver risk-managed, efficient and effective pension services," says Norminton. "These projects begin to position APS to respond to an anticipated increase in service volume."
Total gross expenditures were budgeted at $45.7 million, while actual 2010 gross expenditures were $43.8 million. A key measure of APS' success is "cost per member". Our targeted cost per member of $174 continues to be the median of our peer group in pension administration; APS achieved a year-end cost per member of $167.
"As always, I am proud of the efforts of APS employees," says Norminton. "We are in an excellent position and ready and able to respond to the challenges and opportunities ahead."
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